Refinance Mega Thread

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Topic Author
AZAttorney11
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Refinance Mega Thread

Post by AZAttorney11 » Sun Sep 01, 2019 8:05 pm

There are lots of posts about refinancing and finding the best deals, so let's create one mega thread where those posters searching for the best refi deals have multiple data points. I'll start.

We recently refinanced a 30 year fixed rate mortgage (6 years in) at 3.875% to a 15 year fixed rate mortgage at 3.25% with PenFed. Details are as follows:

Lender credit $1,560
Total closing costs (I saved a bunch of money by shopping for title insurance rather than using the preferred vendor) $1,432.04
Due from lender at closing - $127.96

We wanted the larger lender credit with slightly higher interest rate because we're unsure how long we'll remain in the property. Anywhere from two to three years, so we valued the larger lender credit instead of a lower interest rate at, say, 3.125% or 3% with a smaller lender credit and / or paying points.

We're not concerned with the higher payment. Household income has gone up almost 375% since we purchased the property and the new monthly payment is about what I make in a day and a half at work.

For those of you who refi'd, what terms did you get? What lender? Any advice or tips for other Bogleheads?

roadnottaken
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Re: Refinance Mega Thread

Post by roadnottaken » Sun Sep 01, 2019 8:43 pm

I just went to 3.22%/20yr from 3.5%/25yr with all closing costs covered. Barely worth the hassle, but it does work out in our favor by about $25k so I did it

barefootjan
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Re: Refinance Mega Thread

Post by barefootjan » Sun Sep 01, 2019 10:54 pm

I have a question: what’s a lender credit?

Also - If this is going to be a Mega Thread :P it might be helpful to some of us if you included a little background info related to how you were able to obtain these loans. What were the lender’s requirements regarding things like minimum credit score; loan to value; debt to income ratio allowed; age of borrowers/source of income requirements; whether or not a full appraisal was required; etc.

My husband and I are currently paying 4.75% on a 30 year conventional, and that was after refinancing several years ago. Our closing costs were not insignificant. I’d love to get my hands one of these low cost, low rate mortgages people write about! :wink: How on earth do you guys find them? Any tips on getting approved?

holycow007
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Re: Refinance Mega Thread

Post by holycow007 » Sun Sep 01, 2019 11:20 pm

Going from 30 year 7/1 3.125 ARM - 3 years into it (want the security of fixed rate) to a 20 year 3.25 fixed
Lender credit - $1500 covers almost all of their fees.
My cost - $1000 approx. for title services
Rolled over the rest into the loan (prepaid interest, escrow and taxes)

holycow007
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Re: Refinance Mega Thread

Post by holycow007 » Sun Sep 01, 2019 11:25 pm

barefootjan wrote:
Sun Sep 01, 2019 10:54 pm
I have a question: what’s a lender credit?

Also - If this is going to be a Mega Thread :P it might be helpful to some of us if you included a little background info related to how you were able to obtain these loans. What were the lender’s requirements regarding things like minimum credit score; loan to value; debt to income ratio allowed; age of borrowers/source of income requirements; whether or not a full appraisal was required; etc.

My husband and I are currently paying 4.75% on a 30 year conventional, and that was after refinancing several years ago. Our closing costs were not insignificant. I’d love to get my hands one of these low cost, low rate mortgages people write about! :wink: How on earth do you guys find them? Any tips on getting approved?
lender credit is basically them offering a credit in exchange for a slighly higher interest rate
Aimloan.com is a good place to start and if you drop down for more rates on product of your choice (you get to this screen after you fill in basic info on theri screen)
You see something like this-> when it is in parentheses it is a credit

3.750% $797.93 ($321.34) 3.819% Details
3.875% $810.20 ($1,057.05) 3.944% Details
4.000% $822.57 ($1,443.50) 4.070% Details

I am using them to hustle with my current loan servicer. you get good rates with <80 loan to value, credit scores >780, employment

somekevinguy
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Re: Refinance Mega Thread

Post by somekevinguy » Sun Sep 01, 2019 11:36 pm

Went from 4.45% 30 year fixed jumbo loan in December 2018 to 3.375% 30 year fixed jumbo at 90% CLTV (physician loan) and closed last week. Keybank. Credit scores 800+. Minimal closing costs. Huge difference in monthly payment with break even something like 3 years. Ally and Chase were also reasonably competitive but couldn’t match this rate.

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whodidntante
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Re: Refinance Mega Thread

Post by whodidntante » Mon Sep 02, 2019 1:39 am

This thread will have better odds of standing the test of time if you make it both final and definitive.

Rxwolf
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Re: Refinance Mega Thread

Post by Rxwolf » Mon Sep 02, 2019 1:50 am

I'm in the middle of a refi. Have not closed yet

Current: 30 year 3.375% start 2013--Provident Funding

Agreed refi terms: 15 year 2.75%-APR 2.87%-LoanDepot

Provident would only go to 3%, would go lower but with crazy points.

I'll be happy to update when close.

Topic Author
AZAttorney11
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Re: Refinance Mega Thread

Post by AZAttorney11 » Mon Sep 02, 2019 9:28 am

barefootjan wrote:
Sun Sep 01, 2019 10:54 pm
I have a question: what’s a lender credit?

Also - If this is going to be a Mega Thread :P it might be helpful to some of us if you included a little background info related to how you were able to obtain these loans. What were the lender’s requirements regarding things like minimum credit score; loan to value; debt to income ratio allowed; age of borrowers/source of income requirements; whether or not a full appraisal was required; etc.

My husband and I are currently paying 4.75% on a 30 year conventional, and that was after refinancing several years ago. Our closing costs were not insignificant. I’d love to get my hands one of these low cost, low rate mortgages people write about! :wink: How on earth do you guys find them? Any tips on getting approved?
Here you go:

https://www.penfed.org/mortgage-center/mortgages

https://www.aimloan.com/programs/get-rates

Assuming a decent debt to income ratio, solid credit scores, and a loan to value ratio of < 80%, you can do substantially better than 4.75% fixed on a 30-year loan. The cost of the appraisal, maybe $450, was included in the closing cost figure I mentioned in the first post. If you wanted a "no cost" refi (meaning you'll accept a higher interest rate in exchange for a large enough lender credit that covers all of the closing costs) you can still do better than 4.75% on a 30 year fixed.

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AZAttorney11
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Re: Refinance Mega Thread

Post by AZAttorney11 » Mon Sep 02, 2019 9:30 am

Rxwolf wrote:
Mon Sep 02, 2019 1:50 am
I'm in the middle of a refi. Have not closed yet

Current: 30 year 3.375% start 2013--Provident Funding

Agreed refi terms: 15 year 2.75%-APR 2.87%-LoanDepot

Provident would only go to 3%, would go lower but with crazy points.

I'll be happy to update when close.
What are the closing costs / lender fees on the quote you received from LoanDepot?

il0kin
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Re: Refinance Mega Thread

Post by il0kin » Mon Sep 02, 2019 10:08 am

roadnottaken wrote:
Sun Sep 01, 2019 8:43 pm
I just went to 3.22%/20yr from 3.5%/25yr with all closing costs covered. Barely worth the hassle, but it does work out in our favor by about $25k so I did it
Can you share the lender? I’ve been targeting a 3.25% 20 year versus our current 3.875 30 year as it would shave off 6.5 years and only change the monthly payment by $150 or so.

Topic Author
AZAttorney11
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Re: Refinance Mega Thread

Post by AZAttorney11 » Mon Sep 02, 2019 2:34 pm

For those unsure if a refi makes sense, the Mortgage Professor's website has a few excellent calculators that make the decision quite simple.

https://www.mtgprofessor.com/Calculator ... lator.html

roadnottaken
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Re: Refinance Mega Thread

Post by roadnottaken » Mon Sep 02, 2019 5:56 pm

il0kin wrote:
Mon Sep 02, 2019 10:08 am
roadnottaken wrote:
Sun Sep 01, 2019 8:43 pm
I just went to 3.22%/20yr from 3.5%/25yr with all closing costs covered. Barely worth the hassle, but it does work out in our favor by about $25k so I did it
Can you share the lender? I’ve been targeting a 3.25% 20 year versus our current 3.875 30 year as it would shave off 6.5 years and only change the monthly payment by $150 or so.
I used a local broker that I’d worked with in the past. I believe the lender she lined me up with is United Wholesale Mortgage. For what it’s worth, our credit score is ~770+ and it’s a $380k loan on ~$700k value house.

bluebolt
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Re: Refinance Mega Thread

Post by bluebolt » Tue Sep 03, 2019 8:13 am

Last month I refinanced a HELOC with a one-year intro rate of 2.99% (Prime - 2.26%) and a rate of Prime - 0.5% after that.

mschurner
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Re: Refinance Mega Thread

Post by mschurner » Tue Sep 03, 2019 8:45 am

Great thread.
Verdian CU has 2.875% for 15 years as of last Friday. They are based in Iowa. Seems they do service out of state around Iowa. I'm going to talk with them today.
What's the best way to search for the rates? Stumbled upon above by Googling.
Aimloan, Costco, Rocketmortgage are not competitive.

https://mortgages.cumortgage.net/start_up.asp

This one seems to help to look at the rates for different CU. But you got to choose and run the no individually.

Is anyone got rates less than 3% for 15 year fixed mortgage?

Topic Author
AZAttorney11
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Re: Refinance Mega Thread

Post by AZAttorney11 » Tue Sep 03, 2019 9:16 am

mschurner wrote:
Tue Sep 03, 2019 8:45 am
Great thread.
Verdian CU has 2.875% for 15 years as of last Friday. They are based in Iowa. Seems they do service out of state around Iowa. I'm going to talk with them today.
What's the best way to search for the rates? Stumbled upon above by Googling.
Aimloan, Costco, Rocketmortgage are not competitive.

https://mortgages.cumortgage.net/start_up.asp

This one seems to help to look at the rates for different CU. But you got to choose and run the no individually.

Is anyone got rates less than 3% for 15 year fixed mortgage?
Aimloan is good because you can get lots of quotes without having to enter personally identifying information. Same for LenderFi. Not necessarily the best rates, but it's a good starting point.

PenFed is offering a 15 year fixed at 2.75% with 1 point. 3.00% with 1/2 a point. 3.25% with no points. Depending on your personal situation, buying points might make sense. It did not make sense in our situation. PenFed's lender credit seems to fluctuate a couple times a week based on rates. PenFed's posted rates seem to change much slower compared to Aimloan and the big banks. PenFed's closing costs are extremely reasonable in my area. No escrow required with our LTV.

rocketfast
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Re: Refinance Mega Thread

Post by rocketfast » Tue Sep 03, 2019 9:58 am

Currently in the middle of refinancing a 3.75% 30 year fixed to 3.125% 15 year fixed (no closing costs). My 2 refinances so far has been via zillow's mortgage rates service. They just list all the lenders and their rates (and their Amazon like customer reviews) and you contact them to take it forward.

But it looks from the above posts that there were even better deals to be had.

mprusin
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Re: Refinance Mega Thread

Post by mprusin » Tue Sep 03, 2019 8:43 pm

Just refinanced 4.25% 30yr to 3.5% 30yr fixed with no points. Only 5% LTV (308750 loan on 325k house). Originally bought house in January, but only paying $2500 in closing costs, so I will have an 18month recoup period. Sweet deal.

dsmil
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Re: Refinance Mega Thread

Post by dsmil » Tue Sep 03, 2019 9:44 pm

I'm about to go from a 3.75% 30 yr loan, to 3.25% 30 yr loan. Lender/title costs are around $2k, and we save $200 per month. We just bought this last year but it was an easy decision considering that we plan on being here for a very long time. We only put 10% down, but I'm expecting our equity to be near 20% once the appraisal comes back. So we'll also be taking a few years off of our PMI requirement.

Ryanlion8506
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Re: Refinance Mega Thread

Post by Ryanlion8506 » Tue Sep 03, 2019 10:06 pm

Question? If you refinance, is there good chance due to new appraisal property taxes will rise more than if not refinancing? Because I can see that happening and completely negating the refi.

itaos
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Re: Refinance Mega Thread

Post by itaos » Tue Sep 03, 2019 11:31 pm

mprusin wrote:
Tue Sep 03, 2019 8:43 pm
Just refinanced 4.25% 30yr to 3.5% 30yr fixed with no points. Only 5% LTV (308750 loan on 325k house). Originally bought house in January, but only paying $2500 in closing costs, so I will have an 18month recoup period. Sweet deal.
dsmil wrote:
Tue Sep 03, 2019 9:44 pm
I'm about to go from a 3.75% 30 yr loan, to 3.25% 30 yr loan. Lender/title costs are around $2k, and we save $200 per month. We just bought this last year but it was an easy decision considering that we plan on being here for a very long time. We only put 10% down, but I'm expecting our equity to be near 20% once the appraisal comes back. So we'll also be taking a few years off of our PMI requirement.

Do you mind sharing which bank?

4th and Inches
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Re: Refinance Mega Thread

Post by 4th and Inches » Wed Sep 04, 2019 12:05 am

Yes. PLEASE share what banks you are getting your great re-fi rates from.

bg5
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Re: Refinance Mega Thread

Post by bg5 » Wed Sep 04, 2019 5:35 am

I just went from a 30 year 4.35 to a 15 year at 2.87%. Cost us around $2500 in closing costs and it was a local credit union in Michigan who is still running the deal. Loved it :) Arbor Financial Credit Union was the lender

mx711yam
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Re: Refinance Mega Thread

Post by mx711yam » Wed Sep 04, 2019 5:40 am

Cash out refinancing a rental home 80%Ltv 15 year 3.5%, 4,000 in closing. Going through rbfcu.

roadnottaken
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Re: Refinance Mega Thread

Post by roadnottaken » Wed Sep 04, 2019 6:36 am

Ryanlion8506 wrote:
Tue Sep 03, 2019 10:06 pm
Question? If you refinance, is there good chance due to new appraisal property taxes will rise more than if not refinancing? Because I can see that happening and completely negating the refi.
I'm not sure what the re-appraisal rules are, but an appraisal was not required in my case

ETA: here's a pretty-good explanation of when re-appraisals are required

Ryanlion8506
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Re: Refinance Mega Thread

Post by Ryanlion8506 » Wed Sep 04, 2019 6:52 am

roadnottaken wrote:
Wed Sep 04, 2019 6:36 am
Ryanlion8506 wrote:
Tue Sep 03, 2019 10:06 pm
Question? If you refinance, is there good chance due to new appraisal property taxes will rise more than if not refinancing? Because I can see that happening and completely negating the refi.
I'm not sure what the re-appraisal rules are, but an appraisal was not required in my case

ETA: here's a pretty-good explanation of when re-appraisals are required
Wondering if this varies by state as well? In the closing costs listed it has appraisal fee built in. With our property taxes here, I could see this coming back to bite us on the butt being as it’s been 5 years and they are way more thorough when doing formal appraisal than annual estimates.

dsmil
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Re: Refinance Mega Thread

Post by dsmil » Wed Sep 04, 2019 7:03 am

itaos wrote:
Tue Sep 03, 2019 11:31 pm
mprusin wrote:
Tue Sep 03, 2019 8:43 pm
Just refinanced 4.25% 30yr to 3.5% 30yr fixed with no points. Only 5% LTV (308750 loan on 325k house). Originally bought house in January, but only paying $2500 in closing costs, so I will have an 18month recoup period. Sweet deal.
dsmil wrote:
Tue Sep 03, 2019 9:44 pm
I'm about to go from a 3.75% 30 yr loan, to 3.25% 30 yr loan. Lender/title costs are around $2k, and we save $200 per month. We just bought this last year but it was an easy decision considering that we plan on being here for a very long time. We only put 10% down, but I'm expecting our equity to be near 20% once the appraisal comes back. So we'll also be taking a few years off of our PMI requirement.

Do you mind sharing which bank?
I was quoted similarly with goodmortgage.com and keystonefunding.com. I've previously used goodmortgage and I got the Keystone quote through the Mortgage Professor website (https://www.mtgprofessor.com/ext/partne ... rLoan.aspx).

dsmil
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Re: Refinance Mega Thread

Post by dsmil » Wed Sep 04, 2019 7:06 am

Ryanlion8506 wrote:
Tue Sep 03, 2019 10:06 pm
Question? If you refinance, is there good chance due to new appraisal property taxes will rise more than if not refinancing? Because I can see that happening and completely negating the refi.
I doubt it. I would think that the only people who see the appraisal are the bank and the buyer.

Mako
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Re: Refinance Mega Thread

Post by Mako » Wed Sep 04, 2019 7:20 am

dsmil wrote:
Wed Sep 04, 2019 7:06 am
Ryanlion8506 wrote:
Tue Sep 03, 2019 10:06 pm
Question? If you refinance, is there good chance due to new appraisal property taxes will rise more than if not refinancing? Because I can see that happening and completely negating the refi.
I doubt it. I would think that the only people who see the appraisal are the bank and the buyer.
Agree. I've never heard of a tax assessment using a private appraisal. They determine the tax value using their own methods.

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AZAttorney11
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Re: Refinance Mega Thread

Post by AZAttorney11 » Wed Sep 04, 2019 12:04 pm

Mako wrote:
Wed Sep 04, 2019 7:20 am
dsmil wrote:
Wed Sep 04, 2019 7:06 am
Ryanlion8506 wrote:
Tue Sep 03, 2019 10:06 pm
Question? If you refinance, is there good chance due to new appraisal property taxes will rise more than if not refinancing? Because I can see that happening and completely negating the refi.
I doubt it. I would think that the only people who see the appraisal are the bank and the buyer.
Agree. I've never heard of a tax assessment using a private appraisal. They determine the tax value using their own methods.
I'm not sure how your taxing authority would even get a copy of your appraisal. The only scenario I could see where they obtain a copy of a recent appraisal is if you affirmatively dispute their assessed value of your property and resolving the dispute requires an evidentiary hearing. Even then, I've never heard of that happening (although I suppose it is possible).

JGoneRiding
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Re: Refinance Mega Thread

Post by JGoneRiding » Wed Sep 04, 2019 12:08 pm

roadnottaken wrote:
Sun Sep 01, 2019 8:43 pm
I just went to 3.22%/20yr from 3.5%/25yr with all closing costs covered. Barely worth the hassle, but it does work out in our favor by about $25k so I did it
With who! That is exactly what I have been looking for. I haven't been able to find d 25 yr options

saagar_is_cool
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Re: Refinance Mega Thread

Post by saagar_is_cool » Thu Sep 05, 2019 8:16 pm

I am doing refinance with a lender in NJ. 3.375% 30 year fixed no costs where they give credit for everything except escrow of property taxes. Alternatively he offered 3.25 but I cover registration, title fee etc. upto max of $2400. It is not a bank, so I do now want this to feel like advertising, if you are in NJ area and are interested, PM me and I will give their details.

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NORDO
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Re: Refinance Mega Thread

Post by NORDO » Fri Sep 06, 2019 9:46 am

Have been shopping heavily over the past month for the house we bought about a year ago. Both of us have 790+ FICO.

Original mortgage $275K @ 4.25% / 30 yrs on $320K house, currently $271K remaining at estimated $325K value so 83% LTV.

Best local offer right now is $271K @ 3.5% / 30 years for $1100 total closing costs, so ~8 month payoff ($141/mo savings).

Also considering buying down a bit to 3.25% / 30 years - rolling additional $2250 in costs into the loan only ups the payoff to 11 months ($170/mo savings) and saves an additional $10K over the life of the loan.

With rates continuing to drop, I've been dragging my feet a bit... hoping to get the rate down a little more (or at least for less cost) before finalizing things.

4th and Inches
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Re: Refinance Mega Thread

Post by 4th and Inches » Fri Sep 06, 2019 11:26 am

Yesterday I locked a 3.5% 30-year cash-out mortgage with Lenderfi. Total loan fees are $298 + escrow which will be around $4293. I consider escrow to pretty much be money I need to pay anyway and $2,800 of it is already in my current escrow that will come back. Also, if rates are down by .25% or more in 6 months I can refinance with them again at no cost. We were also very close to not needing an appraisal, but their system wouldn't allow it. I do have to hold the mortgage for 6 months or pay back the lender credit.

We were 3 years 1 month into a 30-year at 3.875% with $381,750 remaining along with $62,250 for a variable rate HELOC currently at $4.5%. Total amount financed is $444,000. The HELOC was used as part of an 80-10-10 purchase loan that I refinanced a little over a year ago for better terms and rate since we were well above 20% equity. That part bit me a bit and led to me having a .375% penalty since it made the refi a cashout, but at the time I didn't think rates would come back down like they have. House was purchased as a new build in late July 2016 at $539,250 appraised at $560,000 and now likely around $690,000 with the newly finished basement in a rapidly appreciating, HCOL area.

We hated the HELOC due to its higher rate and the variable part of it, but it was a strategic tool to buy the house that has definitely paid off. We were paying $800 a month to kill it off and will now direct the free funds to fully funding a Roth IRA since our total payment is going to go down more than enough to do so. We plan to pay an extra $125 a month to pay this new mortgage off at the same time and pay a bit less in total interest than we were going to with the original mortgage + the accelerated HELOC payment.

Currently, if you are just doing a straight rate and term refi with them you can get a 30-year at 3.125% with $130 lender credit or 3.25% with $2102 lender credit which makes it no fee per their website. Their lender credit changed 3 times for the worse yesterday and has changed today (worse) from what it was at the end of yesterday. If you see what you like jump on it right away!

TropikThunder
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Re: Refinance Mega Thread

Post by TropikThunder » Sat Sep 07, 2019 2:55 pm

4th and Inches wrote:
Fri Sep 06, 2019 11:26 am
Yesterday I locked a 3.5% 30-year cash-out mortgage with Lenderfi. Total loan fees are $298 + escrow which will be around $4293. I consider escrow to pretty much be money I need to pay anyway and $2,800 of it is already in my current escrow that will come back. Also, if rates are down by .25% or more in 6 months I can refinance with them again at no cost. We were also very close to not needing an appraisal, but their system wouldn't allow it. I do have to hold the mortgage for 6 months or pay back the lender credit.
I've been looking for people with recent LenderFI experience so I'm glad you posted this. If I may ask a couple questions:

How did the actual rate you got (3.5% w/$298 fees) compare to the anonymous quote you got before entering your personal info (if you did one)?

How did LenderFI's rate compare to competitors you looked at when shopping?

I'm asking because the anonymous rate they are quoting me is suspiciously lower than anywhere else I've looked, even the usual suspects online like Aimloan, Costco, Zillow, Lending Tree, etc. I really really want the rate to be true. :P

3.375% (3.401% APR) with $0 total fees (including all lender fees and third party fees like appraisal, settlement, title insurance, etc after $1,884 lender credit) + escrow
$415,000 property value with $330,000 loan balance
>760 FICO, <50% DTI, <80% LTV

Compare to Aimloan for the same property and loan balance:
3.375% (3.455% APR) with $6,189 total fees ($995 origination fee + $1,795 points + third party fees like appraisal, settlement, title insurance, etc) + escrow [i.e., $6,189 higher than LenderFI]

To get to the same loan costs as LenderFI's 3.375% I would have to go all the way up to 4.00% at least which is a ridiculous spread.

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NORDO
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Re: Refinance Mega Thread

Post by NORDO » Sat Sep 07, 2019 8:34 pm

TropikThunder wrote:
Sat Sep 07, 2019 2:55 pm
4th and Inches wrote:
Fri Sep 06, 2019 11:26 am
Yesterday I locked a 3.5% 30-year cash-out mortgage with Lenderfi. Total loan fees are $298 + escrow which will be around $4293. I consider escrow to pretty much be money I need to pay anyway and $2,800 of it is already in my current escrow that will come back. Also, if rates are down by .25% or more in 6 months I can refinance with them again at no cost. We were also very close to not needing an appraisal, but their system wouldn't allow it. I do have to hold the mortgage for 6 months or pay back the lender credit.
I've been looking for people with recent LenderFI experience so I'm glad you posted this. If I may ask a couple questions:

How did the actual rate you got (3.5% w/$298 fees) compare to the anonymous quote you got before entering your personal info (if you did one)?

How did LenderFI's rate compare to competitors you looked at when shopping?
Seconding this curiosity - LenderFi is at least $3K cheaper than any other offer I've received locally or online.

Seems like a no-brainer to go with them if it's realistic..

Cycle
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Re: Refinance Mega Thread

Post by Cycle » Sat Sep 07, 2019 9:04 pm

I'm looking to take $170k from a rental property I own outright and occupy.

This is to buy another property I plan to live in. I want the mortgage in my rental property, not my personal residence.

It seems like the rates I get for a cash-out refi are significantly (.5%) higher than what I see for a standard refi or new purchase. Is this always the case that cash-out gets a higher rate?

My credit union (BCU) is at 3% 15yr. 3.625% 30yr. For cash-out it's over 4%.
Never look back unless you are planning to go that way

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rocket354
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Re: Refinance Mega Thread

Post by rocket354 » Sat Sep 07, 2019 9:21 pm

NORDO wrote:
Sat Sep 07, 2019 8:34 pm
TropikThunder wrote:
Sat Sep 07, 2019 2:55 pm
4th and Inches wrote:
Fri Sep 06, 2019 11:26 am
Yesterday I locked a 3.5% 30-year cash-out mortgage with Lenderfi. Total loan fees are $298 + escrow which will be around $4293. I consider escrow to pretty much be money I need to pay anyway and $2,800 of it is already in my current escrow that will come back. Also, if rates are down by .25% or more in 6 months I can refinance with them again at no cost. We were also very close to not needing an appraisal, but their system wouldn't allow it. I do have to hold the mortgage for 6 months or pay back the lender credit.
I've been looking for people with recent LenderFI experience so I'm glad you posted this. If I may ask a couple questions:

How did the actual rate you got (3.5% w/$298 fees) compare to the anonymous quote you got before entering your personal info (if you did one)?

How did LenderFI's rate compare to competitors you looked at when shopping?
Seconding this curiosity - LenderFi is at least $3K cheaper than any other offer I've received locally or online.

Seems like a no-brainer to go with them if it's realistic..
Re: LenderFi. I recently closed on a refi with them, about two months ago. They are true to their word. Everything went quickly and smoothly and I got the exact deal that was advertised. Rates have dropped some since then so I am counting down the 6 months until I can refi again (fingers crossed rates stay low!).

4th and Inches
Posts: 213
Joined: Mon Nov 12, 2012 8:53 pm

Re: Refinance Mega Thread

Post by 4th and Inches » Thu Sep 12, 2019 11:22 am

TropikThunder wrote:
Sat Sep 07, 2019 2:55 pm
4th and Inches wrote:
Fri Sep 06, 2019 11:26 am
Yesterday I locked a 3.5% 30-year cash-out mortgage with Lenderfi. Total loan fees are $298 + escrow which will be around $4293. I consider escrow to pretty much be money I need to pay anyway and $2,800 of it is already in my current escrow that will come back. Also, if rates are down by .25% or more in 6 months I can refinance with them again at no cost. We were also very close to not needing an appraisal, but their system wouldn't allow it. I do have to hold the mortgage for 6 months or pay back the lender credit.
I've been looking for people with recent LenderFI experience so I'm glad you posted this. If I may ask a couple questions:

How did the actual rate you got (3.5% w/$298 fees) compare to the anonymous quote you got before entering your personal info (if you did one)?

How did LenderFI's rate compare to competitors you looked at when shopping?

I'm asking because the anonymous rate they are quoting me is suspiciously lower than anywhere else I've looked, even the usual suspects online like Aimloan, Costco, Zillow, Lending Tree, etc. I really really want the rate to be true. :P

3.375% (3.401% APR) with $0 total fees (including all lender fees and third party fees like appraisal, settlement, title insurance, etc after $1,884 lender credit) + escrow
$415,000 property value with $330,000 loan balance
>760 FICO, <50% DTI, <80% LTV

Compare to Aimloan for the same property and loan balance:
3.375% (3.455% APR) with $6,189 total fees ($995 origination fee + $1,795 points + third party fees like appraisal, settlement, title insurance, etc) + escrow [i.e., $6,189 higher than LenderFI]

To get to the same loan costs as LenderFI's 3.375% I would have to go all the way up to 4.00% at least which is a ridiculous spread.
How did the actual rate you got (3.5% w/$298 fees) compare to the anonymous quote you got before entering your personal info (if you did one)?
It was within like $50-$75 dollars and not material at all, the only change was related to my escrow figures which the website just punches in. The loan disclosure had essentially the same loan fees I was seeing on the website, but my actual escrow estimates based on my tax rate and insurance rate. In fact when I was on the phone with the guy he asked if I had been using their website. He seemed to pretty much be using the same thing I was or very similar. It definitely wasn't a teaser rate just to get you to contact them and then they talk you into going with them at a higher rate. When we were talking about locking he said that I just needed to watch their website and once I saw the number I wanted to to that I should call him ASAP.

How did LenderFI's rate compare to competitors you looked at when shopping? Definitely lower in terms of interest rate and loan fees. LenderFi didn't have an origination fee.

I'm asking because the anonymous rate they are quoting me is suspiciously lower than anywhere else I've looked, even the usual suspects online like Aimloan, Costco, Zillow, Lending Tree, etc. I really really want the rate to be true. :P Mine pretty much was!

I just checked Lenderfi again and this AM I would need to have a 3.875% interest rate to have fees at the level I locked at.

4th and Inches
Posts: 213
Joined: Mon Nov 12, 2012 8:53 pm

Re: Refinance Mega Thread

Post by 4th and Inches » Thu Sep 12, 2019 11:23 am

4th and Inches wrote:
Thu Sep 12, 2019 11:22 am
TropikThunder wrote:
Sat Sep 07, 2019 2:55 pm
4th and Inches wrote:
Fri Sep 06, 2019 11:26 am
Yesterday I locked a 3.5% 30-year cash-out mortgage with Lenderfi. Total loan fees are $298 + escrow which will be around $4293. I consider escrow to pretty much be money I need to pay anyway and $2,800 of it is already in my current escrow that will come back. Also, if rates are down by .25% or more in 6 months I can refinance with them again at no cost. We were also very close to not needing an appraisal, but their system wouldn't allow it. I do have to hold the mortgage for 6 months or pay back the lender credit.
I've been looking for people with recent LenderFI experience so I'm glad you posted this. If I may ask a couple questions:

How did the actual rate you got (3.5% w/$298 fees) compare to the anonymous quote you got before entering your personal info (if you did one)?

How did LenderFI's rate compare to competitors you looked at when shopping?

I'm asking because the anonymous rate they are quoting me is suspiciously lower than anywhere else I've looked, even the usual suspects online like Aimloan, Costco, Zillow, Lending Tree, etc. I really really want the rate to be true. :P

3.375% (3.401% APR) with $0 total fees (including all lender fees and third party fees like appraisal, settlement, title insurance, etc after $1,884 lender credit) + escrow
$415,000 property value with $330,000 loan balance
>760 FICO, <50% DTI, <80% LTV

Compare to Aimloan for the same property and loan balance:
3.375% (3.455% APR) with $6,189 total fees ($995 origination fee + $1,795 points + third party fees like appraisal, settlement, title insurance, etc) + escrow [i.e., $6,189 higher than LenderFI]

To get to the same loan costs as LenderFI's 3.375% I would have to go all the way up to 4.00% at least which is a ridiculous spread.
How did the actual rate you got (3.5% w/$298 fees) compare to the anonymous quote you got before entering your personal info (if you did one)?
It was within like $50-$75 dollars and not material at all, the only change was related to my escrow figures which the website just punches in. The loan disclosure had essentially the same loan fees I was seeing on the website, but my actual escrow estimates based on my tax rate and insurance rate. In fact when I was on the phone with the guy he asked if I had been using their website. He seemed to pretty much be using the same thing I was or very similar. It definitely wasn't a teaser rate just to get you to contact them and then they talk you into going with them at a higher rate. When we were talking about locking he said that I just needed to watch their website and once I saw the number I wanted to to that I should call him ASAP.

How did LenderFI's rate compare to competitors you looked at when shopping? Definitely lower in terms of interest rate and loan fees. LenderFi didn't have an origination fee.

I'm asking because the anonymous rate they are quoting me is suspiciously lower than anywhere else I've looked, even the usual suspects online like Aimloan, Costco, Zillow, Lending Tree, etc. I really really want the rate to be true. :P Mine pretty much was!
I just checked Lenderfi again and this AM I would need to have a 3.875% interest rate to have fees at the level I locked at with my cash out to get rid of the HELOC. Yesterday I briefly spoke with them and was told that I should have an underwriting decision today or tomorrow. Appraisal appointment is on Monday. Things seem smooth and orderly so far.

deikel
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Joined: Sat Jan 25, 2014 7:13 pm

Re: Refinance Mega Thread

Post by deikel » Thu Sep 12, 2019 11:36 am

I searched multiple online sites and the offers seemed oddly high, I talked to Ally and the rates were downright silly ( around 4%), then I went to my local CFCU and got a great offer, refinancing from a 30 yr fixed at 4% (4.2 APR) to a 15 yr fixed 2.85 % no points and closing costs of about 1700 (TBD since some of the state tax will be saved, but unknown right this second).

Very smooth sailing so far, the originator was super organized, took 30 min to check all options and another 30 to bring all my paperwork to sign the application and lock the rate.

Just throwing in a plug for local brick and mortar banks (credit unions in particular), this was the best rate I found - by far.
Everything you read in this post is my personal opinion. If you disagree with this disclaimer, please un-read the text immediately and destroy any copy or remembrance of it.

TropikThunder
Posts: 1847
Joined: Sun Apr 03, 2016 5:41 pm

Re: Refinance Mega Thread

Post by TropikThunder » Thu Sep 12, 2019 12:43 pm

4th and Inches wrote:
Thu Sep 12, 2019 11:22 am

It definitely wasn't a teaser rate just to get you to contact them and then they talk you into going with them at a higher rate. When we were talking about locking he said that I just needed to watch their website and once I saw the number I wanted to to that I should call him ASAP.
Thanks for the info, very encouraging. Their quotes have jumped up a little in the last couple days (bond market is volatile) but still way less than anyone else.

neo_ny
Posts: 4
Joined: Mon Oct 07, 2019 8:59 am

Re: Refinance Mega Thread

Post by neo_ny » Mon Oct 07, 2019 9:14 am

somekevinguy wrote:
Sun Sep 01, 2019 11:36 pm
Went from 4.45% 30 year fixed jumbo loan in December 2018 to 3.375% 30 year fixed jumbo at 90% CLTV (physician loan) and closed last week. Keybank. Credit scores 800+. Minimal closing costs. Huge difference in monthly payment with break even something like 3 years. Ally and Chase were also reasonably competitive but couldn’t match this rate.
I am starting to look around to refi our physician loan as well - did you use the KeyBank contact listed on WCI or someone else? Did you compare it with any other Physician loans? (I am assuming Ally/Chase were regular conventional?). Thanks!

malbec84
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Re: Refinance Mega Thread

Post by malbec84 » Wed Oct 09, 2019 5:01 pm

Datapoint here: just did a refinance 2.875% 10 years no closing costs with LenderFi for a loan amount of 310k on a property with estimated value of 540k.

itaos
Posts: 24
Joined: Tue Aug 10, 2010 10:58 am

Re: Refinance Mega Thread

Post by itaos » Fri Oct 11, 2019 7:04 pm

Dropped a point to 3.25% on a 30 year conventional loan through Sebonic/Cardinal. No points or origination fee. Poor communication, but it ultimately got done.

Bacchus01
Posts: 3182
Joined: Mon Dec 24, 2012 9:35 pm

Re: Refinance Mega Thread

Post by Bacchus01 » Fri Oct 11, 2019 7:25 pm

deikel wrote:
Thu Sep 12, 2019 11:36 am
I searched multiple online sites and the offers seemed oddly high, I talked to Ally and the rates were downright silly ( around 4%), then I went to my local CFCU and got a great offer, refinancing from a 30 yr fixed at 4% (4.2 APR) to a 15 yr fixed 2.85 % no points and closing costs of about 1700 (TBD since some of the state tax will be saved, but unknown right this second).

Very smooth sailing so far, the originator was super organized, took 30 min to check all options and another 30 to bring all my paperwork to sign the application and lock the rate.

Just throwing in a plug for local brick and mortar banks (credit unions in particular), this was the best rate I found - by far.

I’m curious, did you just look at their rates online (CFCU) or did you have to call them up? I’m watching online rates of locals and they just aren’t that great.

Granted, I have a 15 year at 3.25% already, so I’m trying to get sub 3 with no costs or better yet a cash out refinance, but still.

Rxwolf
Posts: 9
Joined: Wed Jan 30, 2019 1:50 am

Re: Refinance Mega Thread

Post by Rxwolf » Sat Oct 12, 2019 12:04 am

AZAttorney11 wrote:
Mon Sep 02, 2019 9:30 am
Rxwolf wrote:
Mon Sep 02, 2019 1:50 am
I'm in the middle of a refi. Have not closed yet

Current: 30 year 3.375% start 2013--Provident Funding

Agreed refi terms: 15 year 2.75%-APR 2.87%-LoanDepot

Provident would only go to 3%, would go lower but with crazy points.

I'll be happy to update when close.
What are the closing costs / lender fees on the quote you received from LoanDepot?
Just closed today, funding has transferred.

2.75% 15 year $302373 loan;

Per documents APR 2.877%

Fees/points/etc:
0.071% points $214.68
Origination $1595
other fees (attorney, title insurance, tax service, flood determination, sub escrow fee, etc) $1407.80

Total: $3217.48


So the old vs new for me was as follows:
OLD
380,000 at 3.375% 30 years
$1679.97 + $489.60 escrow = $2169.57/month

Original payoff date 4/1/2043
Current payoff with just paying normal payment 4/1/40--total interest $115,009.32 (I have many extra payments)

NEW
$302,373 at 2.75% 15 years
$2051.97 + $519.17 escrow = $2571.14/month (+401.57 more than old 30 year)
payoff 10/1/2034 = total interest $66,981.35

If I just pay $2051.97 on current mortgage--trying to get as close to apples to apples
$2051.97 + $489.60 = $2541.57/month
payoff 5/1/2035 = total interest $85382.55 data from Provident funding online calculator

Therefore:
$85,382.55 - $66,981.35 = $18,401.20 difference in interest.
$18,401.20 - $3217.48 (cost to refi) = $15,183.72 savings over 15 years, and ~ 6 months few payments with ~ equal payments on both mortgages.

I liked provident funding--good website--no issues but would not match loandepot

I can update in a few months how I like loandepot.

With loan at 15 year and under 3%--I will no longer plan to pay extra on mortgage, I had been paying $3000 per month. 30 year loans are so interest heavy in first 15 years. I plan to take difference and add to after tax account at vanguard.

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AerialWombat
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Re: Refinance Mega Thread

Post by AerialWombat » Sat Oct 12, 2019 12:26 am

Cycle wrote:
Sat Sep 07, 2019 9:04 pm
I'm looking to take $170k from a rental property I own outright and occupy.

This is to buy another property I plan to live in. I want the mortgage in my rental property, not my personal residence.
Investment property loan rates are usually around half a percent higher or so than owner occupant loans. You may also find yourself paying higher origination fees.
“Life doesn’t come with a warranty.” -Michael LeBoeuf

Plutus
Posts: 25
Joined: Wed Oct 14, 2015 12:43 pm

Re: Refinance Mega Thread

Post by Plutus » Sat Oct 12, 2019 12:55 am

Just closed on our refinance yesterday. We built a new home and closed on it in March of this year. That loan was 30 years at 4.10%, 610k property value and 450k loan. I refinanced through Accunet Mortgage with another 30 year but at 3.625% on what was now a 351k loan with nearly a $500 credit at closing. I was amazed that I was essentially getting paid to switch to a lower interest payment. It was definitely worth the 30 minutes of document gathering and then another 15 minutes of signing the closing documents. We will continue to make our mortgage payment at the old loan’s amount so that additional principal is paid down.

Cycle
Posts: 1499
Joined: Sun May 28, 2017 7:57 pm
Location: Minneapolis

Re: Refinance Mega Thread

Post by Cycle » Sat Oct 12, 2019 10:16 pm

AerialWombat wrote:
Sat Oct 12, 2019 12:26 am
Cycle wrote:
Sat Sep 07, 2019 9:04 pm
I'm looking to take $170k from a rental property I own outright and occupy.

This is to buy another property I plan to live in. I want the mortgage in my rental property, not my personal residence.
Investment property loan rates are usually around half a percent higher or so than owner occupant loans. You may also find yourself paying higher origination fees.
The loans quoted ended up being a full 1% higher and the closing costs were really high. I ended up just buying the condo with cash. I ended up getting a good price and the closing costs were about $1500.
Never look back unless you are planning to go that way

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